Alphyn Capital Management, an investment management firm, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Master Account of the fund returned 7.1% net in the first quarter compared to 10.6% for the S&P500 Index. As of March 31, 2024, the top ten holdings accounted for approximately 66% of the portfolio, and approximately 8.2% of the portfolio was held in cash. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Alphyn Capital Management featured stocks like Distribution Solutions Group, Inc. (NASDAQ:DSGR) in the first quarter 2024 investor letter. Headquartered in Fort Worth, Texas, Distribution Solutions Group, Inc. (NASDAQ:DSGR) is a specialty distribution company. On April 11, 2024, Distribution Solutions Group, Inc. (NASDAQ:DSGR) stock closed at $49.70 per share. One-month return of Distribution Solutions Group, Inc. (NASDAQ:DSGR) was 5.66%, and its shares gained 60.11% of their value over the last 52 weeks. Distribution Solutions Group, Inc. (NASDAQ:DSGR) has a market capitalization of $7.19 billion.
Alphyn Capital Management stated the following regarding Distribution Solutions Group, Inc. (NASDAQ:DSGR) in its first quarter 2024 investor letter:
“I recently initiated a starter position in Distribution Solutions Group, Inc. (NASDAQ:DSGR), a private equity-owned specialty distributor. Unlike broadline distributors, DSGR focuses on niche products with a high-touch “vendor-managed inventory” (VMI) model. They operate a route-based business where customers outsource inventory management for essential, high-volume, low-value parts to DSGR’s employees. These employees build long-term relationships with customers through frequent on-site visits.
DSGR resulted from a three-way merger in April 2022, combining Lawson (maintenance and repair organizations), Gexpro Services (VMI for OEM customers), and TestEquity (test and measurement equipment and VMI for electronics production supplies). While some complexity exists due to the recent merger, the company aims to nearly triple free cash flow by 2028 through organic growth, margin expansion, and accretive acquisitions…” (Click here to read the full text)
A worker loading goods onto a truck in a distribution center.
Distribution Solutions Group, Inc. (NASDAQ:DSGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Distribution Solutions Group, Inc. (NASDAQ:DSGR) was held by 7 hedge fund portfolios, compared to 8 in the previous quarter, according to our database.
We previously discussed Distribution Solutions Group, Inc. (NASDAQ:DSGR) in another article, where we shared Merion Road Capital’s perspective on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
